 "Market ends lower after record highs")
Benchmark share indices came off their fresh record highs to end marginally lower weighed down by IT majors and mortgage lender HDFC.
The Sensex provisionally ended 15 points lower at 28,163 after hitting a fresh 28,282.85 and the Nifty ended down 5 points at 8,426 after touching an all-time high of 8,454.50
__________________________
Benchmark indices are trading on a volatile note in late noon trades as losses in HDFC and IT shares are offsetting the gains in metal and capital goods shares.
Earlier, the markets reached record highs in early trade with Sensex hitting life-time high of 28,282.85 and Nifty touching 8,454.
At 2:20 PM, the 30-share Sensex was up 13 points at 28,190 and the 50-share Nifty was flat at 8,431.
In the broader market, BSE midcap and smallcap indices are up 0.1-0.6% each after trimming early gains. Market breadth is positive in BSE with 1,603 advances against 1,350 declines.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 656.37crore on Monday, as per provisional stock exchange data.
Global Markets
In Asia, Nikkei, up more than 2% has rebounded from yesterday’s sharp decline on hopes of a snap election, fresh monetary stimulus measures and delay in a sales tax increase that had been planned for October next year.
On the other hand, Chinese shares fell for second consecutive day due to profit booking after the launch of landmark Hong Kong-Shanghai trading link. Sentiments are subdued also on account of weak Chinese home prices data. Shanghai Composite and Hang Seng indices are trading with losses of 0.6-1.1% each.
European markets have opened flat and are likely to edge higher on prospects of further easing by the European Central Bank. ECB President Mario Draghi said the central bank was ready to provide further stimulus if its current efforts are not sufficient to accelerate the region’s recovery, adding such new measures could include purchases of sovereign bonds. FTSE 100 and CAC 40 indices are trading with gains of 0.2% each while DAX index is up 0.4%.
Buzzing Stocks
BSE Power index, up more than 1% is the biggest gainer followed by BSE Metal and Capital Goods indices with a gain of 0.7% each. Other major gaining sectors are BSE Auto, Bankex and Healthcare indices.
BSE IT index, down 0.7% has lost the most as sentiments were dampened on weakness in major IT shares on Nasdaq which closed down 0.3% on Monday.
Metal shares have gained considerably with Sesa Sterlite leading the pack with gains of around 4% as the company is set to take up the Rs 2,500-crore expansion at its copper smelter plant in Tuticorin.
Tata Steel has gained more than 1%. However, breaking away from the trend Hindalco has declined more than 1%.
Among financials, HDFC Bank is trading with a gain of 1% after paring losses while its twin HDFC has lost more than 1%
SBI has gained around 0.6% post its robust second quarter earnings. Further, reports suggest that in order to make gains from rising stock market it has expanded its list of equities for investments to go beyond the National Stock Exchange's Nifty 50 index scrips.
Pharma major, Sun Pharma is marginally down after paring early gains. The company has recalled about 68,000 bottles of its anti-depressant venlafaxine hydrochloride, from the US market. The company withdrew the drugs, manufactured in its Halol unit in India, after they failed to dissolve properly, said the US Food and Drug Administration.
Bharti Airtel has gained around2% as the company will not be affected once the 900MHz spectrum allocated in 1995 comes up for renewal as it smartly bought a lot of 1800 MHz spectrum in February as insurance. So even if it fails to retain its 900 MHz spectrum, its services will not get disrupted: the subscribers can be migrated from one band to another.
Index heavyweight Reliance Industries is up nearly 1%. Reliance Jio Infocomm, the telecommunications arm of Reliance Industries Ltd, will raise $1.5 billion from 26 banks to refinance loans it took up in 2010, the company said in a statement late on Monday.
ONGC is trading with a loss of around 0.5% after paring early gains. The roadshows by the government to attract investors to the planned 5% stake sale in the company start from today. Roadshows will be held in Singapore, Hong Kong, London, New York and Boston,
NTPC has gained more than 1%. According to media reports the government is likely to reallocate to state run companies like NTPC their captive coal blocks which were cancelled by the Supreme Court.
Capital Goods majors L&T and BHEL are trading with gains of 1% each. On Monday, BHEL was in news for commissioning of the second module of a 726 MW plant of ONGC Thermal Power Corporation which is located at the difficult terrain of Palatana, Tripura.
From IT space Infosys and TCS have lost 0.5-0.9% each while Wipro is trading flat with a negative bias.
Among other shares, Linc Pen and Plastics is locked in 20% upper circuit, extending its Monday’s rally, after reporting a 28% year on year (yoy) jump in net profit at Rs 4.07 crore in September (Q2) quarter, due to lower interest burden. The company had registererd a profit of Rs 3.17 crore in the year ago quarter.
The Sensex provisionally ended 15 points lower at 28,163 after hitting a fresh 28,282.85 and the Nifty ended down 5 points at 8,426 after touching an all-time high of 8,454.50
__________________________
More From This Section
(Updated at 2:20PM)
Benchmark indices are trading on a volatile note in late noon trades as losses in HDFC and IT shares are offsetting the gains in metal and capital goods shares.
Earlier, the markets reached record highs in early trade with Sensex hitting life-time high of 28,282.85 and Nifty touching 8,454.
At 2:20 PM, the 30-share Sensex was up 13 points at 28,190 and the 50-share Nifty was flat at 8,431.
In the broader market, BSE midcap and smallcap indices are up 0.1-0.6% each after trimming early gains. Market breadth is positive in BSE with 1,603 advances against 1,350 declines.
Meanwhile, foreign institutional investors were net buyers in Indian equities worth Rs 656.37crore on Monday, as per provisional stock exchange data.
Global Markets
In Asia, Nikkei, up more than 2% has rebounded from yesterday’s sharp decline on hopes of a snap election, fresh monetary stimulus measures and delay in a sales tax increase that had been planned for October next year.
On the other hand, Chinese shares fell for second consecutive day due to profit booking after the launch of landmark Hong Kong-Shanghai trading link. Sentiments are subdued also on account of weak Chinese home prices data. Shanghai Composite and Hang Seng indices are trading with losses of 0.6-1.1% each.
European markets have opened flat and are likely to edge higher on prospects of further easing by the European Central Bank. ECB President Mario Draghi said the central bank was ready to provide further stimulus if its current efforts are not sufficient to accelerate the region’s recovery, adding such new measures could include purchases of sovereign bonds. FTSE 100 and CAC 40 indices are trading with gains of 0.2% each while DAX index is up 0.4%.
Buzzing Stocks
BSE Power index, up more than 1% is the biggest gainer followed by BSE Metal and Capital Goods indices with a gain of 0.7% each. Other major gaining sectors are BSE Auto, Bankex and Healthcare indices.
BSE IT index, down 0.7% has lost the most as sentiments were dampened on weakness in major IT shares on Nasdaq which closed down 0.3% on Monday.
Metal shares have gained considerably with Sesa Sterlite leading the pack with gains of around 4% as the company is set to take up the Rs 2,500-crore expansion at its copper smelter plant in Tuticorin.
Tata Steel has gained more than 1%. However, breaking away from the trend Hindalco has declined more than 1%.
Among financials, HDFC Bank is trading with a gain of 1% after paring losses while its twin HDFC has lost more than 1%
SBI has gained around 0.6% post its robust second quarter earnings. Further, reports suggest that in order to make gains from rising stock market it has expanded its list of equities for investments to go beyond the National Stock Exchange's Nifty 50 index scrips.
Pharma major, Sun Pharma is marginally down after paring early gains. The company has recalled about 68,000 bottles of its anti-depressant venlafaxine hydrochloride, from the US market. The company withdrew the drugs, manufactured in its Halol unit in India, after they failed to dissolve properly, said the US Food and Drug Administration.
Bharti Airtel has gained around2% as the company will not be affected once the 900MHz spectrum allocated in 1995 comes up for renewal as it smartly bought a lot of 1800 MHz spectrum in February as insurance. So even if it fails to retain its 900 MHz spectrum, its services will not get disrupted: the subscribers can be migrated from one band to another.
Index heavyweight Reliance Industries is up nearly 1%. Reliance Jio Infocomm, the telecommunications arm of Reliance Industries Ltd, will raise $1.5 billion from 26 banks to refinance loans it took up in 2010, the company said in a statement late on Monday.
ONGC is trading with a loss of around 0.5% after paring early gains. The roadshows by the government to attract investors to the planned 5% stake sale in the company start from today. Roadshows will be held in Singapore, Hong Kong, London, New York and Boston,
NTPC has gained more than 1%. According to media reports the government is likely to reallocate to state run companies like NTPC their captive coal blocks which were cancelled by the Supreme Court.
Capital Goods majors L&T and BHEL are trading with gains of 1% each. On Monday, BHEL was in news for commissioning of the second module of a 726 MW plant of ONGC Thermal Power Corporation which is located at the difficult terrain of Palatana, Tripura.
From IT space Infosys and TCS have lost 0.5-0.9% each while Wipro is trading flat with a negative bias.
Among other shares, Linc Pen and Plastics is locked in 20% upper circuit, extending its Monday’s rally, after reporting a 28% year on year (yoy) jump in net profit at Rs 4.07 crore in September (Q2) quarter, due to lower interest burden. The company had registererd a profit of Rs 3.17 crore in the year ago quarter.